Pepperstone Razor vs IC Markets Raw Spread account
Verdict
- Pepperstone Razor is our recommended raw-pricing account in Australia, mainly for its cTrader commission of USD 3.00 per side, five platforms and fee-free PayID funding from $10.
- IC Markets' Raw Spread account publishes tighter averages on EUR/USD (0.01 vs 0.1 pips), GBP/USD (0.04 vs 0.2) and USD/JPY (0.03 vs 0.3), with USD 3.50 per side.
- On GBP/USD the round-turn gap is about USD 0.60 a lot in IC's favour when Pepperstone is used on cTrader, and USD 1.60 on MT5.
- Both accounts run on MT4, MT5, cTrader and TradingView, and both come from ASIC-licensed companies.
These are the two best-known raw-spread accounts in Australia, and the comparison comes down to a few cents of spread against commission structure, currencies and extras. Here is how they line up on each broker's own published figures.
Our verdict: Razor for platform flexibility, Raw Spread for the tightest quoted averages
IC Markets wins the raw spread numbers it publishes, and we say so plainly. We still put Pepperstone Razor first for most Australian traders: on cTrader its USD 3.00 commission narrows the gap to cents, the account offers Pepperstone's own platform alongside MT4, MT5, cTrader and TradingView, and Pepperstone adds Smart Trader Tools for MetaTrader, a free Bloomberg.com subscription and a published 99.32% fill rate. If spread is the only thing you measure, IC is the stronger account on paper.
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Published averages by instrument
IC's figures are from its global pricing page and Pepperstone's from its forex and commodities spread pages; both are averages, so they are comparable in kind. Converted to a round-turn standard lot of GBP/USD at USD 10 a pip: Pepperstone cTrader USD 2 + USD 6 = USD 8; Pepperstone MT5 USD 2 + USD 7 = USD 9; IC Markets USD 0.40 + USD 7 = USD 7.40.
| Instrument | Pepperstone Razor | IC Markets Raw Spread |
|---|---|---|
| EUR/USD | 0.1 | 0.01 (0.0 minimum) |
| GBP/USD | 0.2 | 0.04 (0.0 minimum) |
| USD/JPY | 0.3 | 0.03 (0.0 minimum) |
| XAU/USD | 0.12 | 0.09 (0.05 minimum) |
Commission structure
- Pepperstone, USD account: MT5, TradingView and its own platform USD 3.50 per side; MT4 USD 7 charged when the trade opens; cTrader USD 3.00 per side on FX and USD 3.50 on gold.
- Pepperstone, AUD account: AUD 3.50 per side on MT5 for FX, AUD 4.50 per side on XAU/USD, AUD 7 per lot on MT4.
- IC Markets Raw Spread: USD 3.50 per side per lot in our data.
- Index and crypto CFDs on Pepperstone carry no commission; the cost is in the spread.
Currencies, funding and withdrawals
Pepperstone accepts Razor accounts in USD, EUR, GBP, AUD, SGD and HKD. IC Markets lists more base currencies: AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD and CHF, which helps if you earn in NZD or JPY. Pepperstone's Australian deposit table is free across the board, with PayID, cards, Apple Pay, Google Pay and PayPal from $10 and instant, and BPAY within a business day. IC says it adds no deposit or withdrawal fees and processes withdrawals submitted before 12:00 AEST the same day; card withdrawals can take 3–5 business days to arrive. Pepperstone lists PayPal, Neteller and Skrill withdrawals within 1 business day and cards or PayID within 2.
Before you open either account
- Decide your platform first; it changes Pepperstone's commission.
- Check the averages for the pairs you actually trade, not just EUR/USD.
- Confirm the ASIC entity on your application: Pepperstone Group Limited (AFSL 414530) or International Capital Markets Pty Ltd (AFSL 335692).
- Make a small deposit and withdrawal to test timing.
Sources
Is Razor the same as an ECN account?
Razor is Pepperstone's raw-spread account: market spreads plus a separate commission. Pepperstone describes its execution as having no dealer intervention.
Which account is cheaper on EUR/USD?
IC Markets Raw Spread at USD 7.10 per round-turn lot on published averages; Pepperstone Razor is USD 7 on cTrader and USD 8 on MT5.
Can I use TradingView with both?
Yes. Pepperstone offers TradingView on Razor, and IC Markets lists TradingView among its platforms.
CFD trading is high risk because leverage magnifies losses as well as gains. General information only, not financial advice. Check each provider's PDS and current fees before opening an account.